Michele della Vigna at Goldman Sachs
"This transaction would be earnings dilutive for BP, as we estimate that BP would only be allowed to book its share of Rosneft dividends in the P&L (c.0.2pc of BP’s net income), while the share count would get diluted by 5.2pc. This is likely to lead to c.5% EPS dilution for BP from this deal."
"On the positive side, this deal would provide BP with a 33pc share in a highly prospective area of frontier exploration that, according to BP, could be compared to the UK North Sea – both in size and potential. Obviously the area will require years to explore, will be very challenging and is unlikely to generate any production before the end of the decade."
"However, we think that this is a unique opportunity for